euro adhoc: Precious Woods Holding AG, Zug / quarterly or semiannual financial statement / Mixed picture at Precious Woods: turnover up 165%, first-half loss, good solution for the Congo project

Geschrieben am 01-09-2006

Disclosure announcement transmitted by euro adhoc.
The issuer is responsible for the content of this announcement.


In the first semester of 2006 the Precious Woods Group increased
turnover by 165% from USD 8.3 million to USD 21.9 million, mainly due
to acquisitions. In Brazil, further one-off losses in addition to the
expected restructuring costs had a negative impact on the half-year
result. All other business units performed in line with or exceeded
expectations. For the six months ended June 30th Precious Woods
reports a USD 2.1 million loss, compared with a prior year profit of
USD 1.1 million.

A number of external factors are adversely affecting the Brazilian
forestry and timber industry. In 2005 it faced a 15% increase in wage
costs and a rise in the price of diesel. In the same year,
export-orientated businesses experienced a 25% loss in the value of
their sales proceeds, owing to the continuous appreciation of the
Brazilian real against the US dollar. To some extent these factors
have continued to affect Precious Woods in 2006 and so far could be
only partially offset by price increases and a switch to the euro as
the main sales currency. Internal factors have also had a negative
impact. In the spring of 2006 the management of Precious Woods Amazon
was replaced. To improve productivity the new management embarked
upon a radical course of action, but the implementation of the
necessary measures entails higher costs and it will take some time
until their effects are reflected in the financial statements. The
measures already implemented and those the company plans to take
should ensure that by the end of the year Precious Woods Amazon will
again break even on a month for month basis. The new management has
identified a need for further major write-offs of stocks and certain
balance sheet items, and these will also impact the 2006 financial
result. The particular combination of external and internal factors
which led to the negative half-year result was not foreseeable.

Continuing higher prices and the sound performance of all the other
Group companies all contributed to the otherwise positive
development of the Precious Woods Group. Precious Woods Europe
(formerly A. van den Berg), which was acquired at the end of last
year, recorded the best half-year results in that company's history.
Further milestones were reached in the area of emissions trading.
Precious Woods' bio-energy project was registered with the relevant
Kyoto authorities, i.e the Clean Development Mechanism Board (CDM),
and the reduction in carbon dioxide emissions as a result of this
project was officially quantified and certified. As expected, the
woodchip-fired power plant performed well. At the Central American
operations, initial sales of timber proved to be successful and for
the first time it was also possible to sell young pochote roundwood
at a good price.

In June, the Congo participation project was placed on stand-by due
to the uncertainty surrounding the confirmation of concessions.
Precious Woods has now reached a consensus with its Congolese
partners which takes into account the current uncertainties regarding
the confirmation of existing concessions: for the moment Precious
Woods' initial investment will be significantly smaller than
originally planned but until 2008 the Group reserves in full its
important and exclusive option to successively increase the
participation at a future date. A smaller project in Gabon is also
being evaluated as part of the explicit objective to significantly
reduce the Group's dependence on the Brazilian businesses.

For the year as a whole, Precious Woods currently expects to achieve
sales in excess of USD 40 million and to break even.

Precious Woods (SWX: PRWN) is active in the reforestation and
sustainable management of tropical forests, downstream wood
processing and trading of FSC certified timber and non timber forest
products. The shares of Precious Woods have been listed on the SWX
Swiss Exchange since March 2002. More information about the Company
and its activities may be found on the website www.preciouswoods.com.

end of announcement euro adhoc 01.09.2006 17:30:00

ots Originaltext: Precious Woods Holding AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:
Precious Woods Holding AG, Zug
Dr. Andres Gut, Chairman
Tel. 41 1 245 80 10
mailto: office@preciouswoods.ch

Branche: Forestry & Timber
ISIN: CH0013283368
WKN: 982280
Index: SPI
Börsen: SWX Swiss Exchange / official dealing


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